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Cryptocurrency enthusiast Mark Cuban criticized the US Securities and Exchange Commission (SEC) for the lack of clear regulations on the industry for many years.
Recent interviews of SEC Chairman Gary Gensler (Gary Gensler) with the Wall Street Journal caused a resonance in the cryptocurrency community. Gensler said the agency could oversee decentralized finance (DeFi) projects, regardless of their level of decentralization.
Earlier, Gensler said that the SEC has no reason to treat the cryptocurrency market differently than the capital markets. The crypto industry is still governed by the Securities Act, Gensler argues, so industry stakeholders should be prepared for dialogue with the SEC.
Despite Gensler’s willingness to negotiate with cryptocurrency companies, many industry participants believe that the agency prefers to take a position of enforcement. They complain that the SEC either ignores their appeals or threatens legal action. Cryptocurrency enthusiast Mark Cuban (Mark Cuban) is also sure that in fact the regulator is closed to interaction with cryptocurrency companies.
“Who should I talk to the SEC? How do I sign up for a consultation? Do you use Calendly to schedule appointments? You understand cryptocurrency lending and finance, so why not just publish specific rules that you require cryptocurrency companies to comply with, and not open these recommendations for public discussions?” – Kuban wrote on Twitter.
Kuban was supported by Dogecoin co-founder Billy Markus. Under his tweet, he sarcastically joked that even after ten years of the industry’s existence, the regulator cannot develop clear guidelines for it.
The need to clarify the regulation of cryptocurrencies is stated even by THE COMMISSIONER of the SEC Esther Peirce (Hester Peirce), and more than once. According to Pierce, now is the most suitable case for this, given the bankruptcy of several cryptocurrency lenders.
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